Torrent Power Ltd. shares rallied over 12% after being awarded a Letter of Award (LOA) from the Maharashtra State Electricity Distribution Co. Limited (MSEDCL) for the supply of 306 megawatt (MW) of Solar power under the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder-level solarisation under PM KUSUM Scheme.

Torrent Power Limited was successful in its bid and received a Letter of Award from MSEDCL on March 7th, 2024, to set up a 306 MW grid-connected solar power project across 48 locations in the Nasik District, Maharashtra. The LOA was presented by the Hon’ble Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis.

The project was initiated by MSEB Solar Agro Power Limited (MSAPL) under the PM-KUSUM scheme, connected to the distribution network. The project will be commissioned within 18 months from the Letter of Award at an estimated cost of Rs 1,540 crores. The tariff for the project is Rs. 3.10/kWh for 25 years.

The Government of Maharashtra (GOM) aims to ensure agricultural consumers have stable daytime electricity through decentralised solar power projects. Torrent will acquire 100% of the equity shares of Project SPV and will receive Central Finance Assistance (CFA) from the Central Govt. for eligible capacity as per the terms of the PM KUSUM Scheme.

Torrent continues to expand its renewable portfolio in line with its commitment to increasing sustainable generation and contributing meaningfully to the country’s ambitious renewable targets. With the award of this 306 MW capacity, Torrent’s renewable capacity under construction has increased to 1.7 GW. Upon completion of these 1.7 GW projects, Torrent’s renewable capacity will increase to 3 GW in the next 18-24 months. As part of its growth strategy, the Company is also working on other green energy pathways such as pumped storage hydro and green hydrogen.

Torrent Power, the Rs 25,694 crore integrated power utility of the Rs 37,600 crores Torrent Group, is one of the largest companies in the country’s power sector with a presence across the entire power value chain – generation, transmission and distribution.

At 2:08 pm, the shares of Torrent Power were trading 4.05% higher at Rs 1,190.95 on NSE.